Tata Capital acquires stake in Biocon Biologics

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Krishnamurthy & Co Shwetambari Rao Platinum Partners K Law

Krishnamurthy & Co (K Law) advised Biocon Biologics India when Tata Capital acquired a 0.85% stake in it for ₹2.25 billion (US$30 million). Platinum Partners advised Tata Capital, which invested through Tata Capital Growth Fund II.

Biocon Biologics India is a subsidiary of Biocon, a listed biopharmaceuticals company.

K Law’s team comprised partner Shwetambari Rao, associate partner Jeevith Belliappa, senior associate Puneet Prabhakar and associate Namratha Satish. Supriya G, a company secretary at the firm, also advised on the deal.

“Managing stakeholders’ expectations while ensuring that the company retained its operational flexibility” involved a balancing act, Rao told India Business Law Journal, as Tata Capital was investing as a follow-on investor. In January, True North had acquired a 2.44% stake in Biocon Biologics.

The transaction is expected to close by mid-August, at which point Biocon will hold a 95.25% stake in Biocon Biologics. Biocon said that Tata Capital’s investment “will enable Biocon Biologics’ future growth through prudent capital allocation”.